January 28, 2013 (Update) -- Powerwave Technologies, Inc files for bankruptcy, listing debt of $396 million and assets of $213 million.

February 7, 2012 -- An investigation on behalf of investors in shares of Powerwave Technologies, Inc. (NASDAQ:PWAV) was announced over potential securities laws violations by certain officers and directors at Powerwave Technologies in connection with potentially false and misleading statements.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Powerwave Technologies, Inc. (NASDAQ:PWAV) concerning whether a series of statements regarding Powerwave Technologies business, its prospects and its operations were materially false and misleading at the time they were made. Specifically, the investigation seeks to determine, among other things, whether Powerwave Technologies, Inc. knew but failed to timely disclose that is was experiencing declining demand from customers in its North American market.

Powerwave Technologies, Inc. reported that after its Total Revenue fell from $890million for its Fiscal Year ending on Dec. 28, 2008 to $567million for its Fiscal Year ending on January 3, 2010 its Revenue increased from $567million to $591million in the Fiscal Year ending on January 2, 2011. Despite at overall decrease in Revenue Powerwave Technologies, Inc. reported that its Net Loss of $362millionfor the fiscal year ending on Dec. 28, 2008 turned into a Net Income for its fiscal year ending on Jan. 2, 2011.

On November 8, 2011, Powerwave Technologies, Inc. reported that its three months Revenue fell from $156million for a three months period ending on Oct. 3, 2010 to $77million for the three months period ending on Oct. 2, 2011, further Powerwave Technologies, Inc. reported that its nine months Revenue fell from $415million for a nine months period ending on Oct. 3, 2010 to $384million for its nine months period ending on Oct. 2, 2011.

NASDAQ:PWAV shares fell since its 1:5split on Oct 31, 2011 to as low as $1.71 in January 2012.